How Is India's Insurance Landscape Changing?

The evolution of India's insurance sector holds great promise for customers and the entities that operate within the industry. This is the third article in a weeklong series on insurtech. Insurance, one of the oldest industries of modern civilization, is witnessing a tech revolution at breakneck speed. In the days of old, the industry wasn't structured the way we have seen it in the last 100 years, but the need to hedge risks, protect assets and insure them against any kind of loss was prevalent even back then. In India, too, the insurance industry has undergone many structural changes, from being completely government-controlled, to being FDI-friendly to now welcoming new-age tech--artificial intelligence/machine learning (ML), bots, the Internet of Things and analytics.